Ferrari’s Luce EV sold out through 2027

Ferrari says its first electric car, the five-seat Luce, is fully allocated through 2027, even as the model drew criticism when it debuted in May. CEO Benedetto Vigna said during the company’s third-quarter earnings call that every Luce Ferrari plans to build in 2027 already has a buyer.

The car, designed by Jony Ive, starts at about $615,000. Vigna said new buyers would have to wait one year to receive a car. First deliveries are expected to begin in the fourth quarter. Ferrari has not disclosed how many Luce cars it plans to produce. The Financial Times, citing unnamed sources, previously reported that Ferrari planned to sell just under 500 units this year and has a longer-term target of 2,500 by 2030, or about 600 annually.

Vigna did not provide a customer breakdown, describing the buyers as a “good mix” by client and geography and saying there was no specific buyer pattern or demographic.

Ferrari also said customization revenue accounted for more than 21% of revenue from cars and spare parts in the third quarter. The company raised its full-year adjusted earnings guidance to at least €3 billion ($3.36 billion), from €2.97 billion. Third-quarter revenue was €1.9 billion, up 7% year over year, while net income rose 13% to €431 million. Operating profit was €563 million, with a 29.7% operating margin.